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Wednesday's Energy Stocks: Electric, diversified utilities lose less

Energy indexes joined broader markets on a down day, Wednesday, Oct. 10, following a rise in bond rates, though electric and diversified utilities did not fall as much. The Dow Jones Industrial Average saw its steepest one-day loss since February, down 3.15% to 25,598.74, and the S&P 500 Index fell 3.29% to 2,785.68.

In the energy sector, the S&P 500 Energy Index retreated 3.59% to 556.04, and the Alerian MLP Index gave away 2.00% to close at 276.05. The utilities sector index, meanwhile, dipped 0.53% to 274.03.

Big oil and gas players like Marathon Oil Corp., Hess Corp. and Range Resources Corp. took on steep losses in the midweek session.

Marathon Oil's stock dropped 7.72% to finish at $21.16; Hess stock declined 7.41% to $67.19; and Range Resources shares took a 6.33% hit to close at $17.31, all on brisk volume.

ConocoPhillips's stock price slid 5.43% to $75.09 on active volume as well. ConocoPhillips Alaska produced its first oil Oct. 5, ahead of schedule, at the Greater Mooses Tooth 1 drill site in the Greater Mooses Tooth Unit in the National Petroleum Reserve-Alaska.

Oil major Chevron Corp. had its share price decrease 3.33% to $122.60 on high volume. The company is poised to expand its refinery operations along the U.S. Gulf Coast to process crude oil from its Permian Basin operations. Meanwhile, the oil refiner has announced that it will formally exit the Norwegian continental shelf following the transfer of its stake in an exploration license.

Canadian fuel marketer and distributor Parkland Fuel Corp. will acquire a 75% interest in Caribbean-based SOL Investments Ltd. and its subsidiaries for C$1.57 billion, or US$1.21 billion. Parkland Fuel's share price outperformed the general trend, spiking 5.00% to C$44.30 on the Toronto Stock Exchange on roughly three times the average volume.

Devon Energy Corp. struck a new revolving credit agreement with a group of lenders, providing the company with $3 billion in total commitments. Devon's shares slipped 5.59%, closing a heavy session at $37.30.

Electric vehicle and thin photovoltaic wafers manufacturer Tesla Inc.'s stock came down 2.25% to $256.88 as a report came out that 21st Century Fox Inc. CEO James Murdoch might be one of the candidates to take over the helm from exiting chairman and CEO Elon Musk. Murdoch is a nonexecutive member of Tesla board.

Sunrun Inc. shares tumbled 7.67% to close at $11.19, and Canadian Solar Inc. stock inched down 2.20% to wrap the session at $14.20, both on below-average volumes.

PG&E Corp. shares were down 1.85% to $47.65 on light volume. California's Department of Forestry and Fire Protection announced the results of an investigation into the Cascade fire of October 2017, finding that sagging Pacific Gas and Electric Co. power lines were the cause.

TerraForm Power Inc. stock shrank 2.15% at the end of a light session at $10.93. Its subsidiary TerraForm Power Operating LLC and its lenders have agreed to reprice a credit and guaranty agreement and extend its maturity date to Oct. 5, 2023.

Mangrove Partners has increased its stake in Atlantic Power Corp. to 6,896,093 shares, representing a 6.2% ownership. Atlantic Power's shares shed 1.75% on the Toronto Stock Exchange to finish a robust session at C$2.81.

Other decliners included Pattern Energy Group Inc., off 2.87% to $17.60, and NRG Energy Inc., down 2.62% to $36.44.

A couple electric and diversified utilities found gains, including National Grid PLC, trading on the New York Stock Exchange, picking up 2.44% to $53.41 on roughly double average trading volume, and Public Service Enterprise Group Inc., up 0.85% to $54.53 on strong volume.

Market prices and index values are current as of the time of publication and are subject to change.